Focus on the gem: Internet technology or the first retreat city company

Reporter Peng Hao the gem immediately after the introduction of the system, the current 118 companies in which companies will be the first to lead, triggering market speculation.　　In addition to the first half of the gem performance of the first three, Warburg shares, the southern capital, the annual report and this year reported net profit decline in the net of the technology has become the focus of the market.　　Gem directly back to the city was "stir fry" reportedly, the current SSE has submitted to the SFC on the Gem Direct delisting system of the official report, it is proposed to establish early and clear the gem is different from the motherboard of the delisting system. "This is not a new formulation.　　"SSE related Personage said, Gem opened the beginning of the SSE has been made clear, will implement" direct exit system ", the report to the SFC is also part of the plan, during which the relevant departments have been improving the relevant rules and regulations. The direct delisting system of GEM consists of three main points: one is to withdraw the city directly, the other is to withdraw the market quickly, and the third is to eliminate backdoor hype. For the direct withdrawal of the market conditions, and the motherboard, SME board enterprises for three consecutive years loss of the market, if the gem continued to appear two consecutive losses, will be directly back to the city.　　This means that the fastest also to the year after the annual report details come out, to know whether there are enterprises to meet the conditions of delisting.　　In addition to the loss of time from three years shortened to two years, in accordance with the direct withdrawal system, the enterprise loss period also does not allow other companies to adopt "backdoor, reorganization" and so on, so will not be like the motherboard, the SME market staged "Black Chicken Change Phoenix" quotes.　　Who's going to take the brunt?　　Once the GEM system is launched, which of the 118 companies will be the first to take the brunt? It is noteworthy that, at present, the gem is not only a low profit growth, many gem companies in the listing within a few months, the performance quickly face. In the first half of this year, 105 of the company's 23 net profits fell. Powerleader shares (300023), Warburg Pincus (300074), South Capital Power (300068) The first three of the performance of the GEM, the net profit decline of 82.07%, 76.6% and 69.79% respectively.　　Han Wei Electronics (300007), Netac Technology (300042), Internet Technology (3000147), three Sichuan shares (300066), Connaught its (300067), Yangpu Medical (300030), oak (300082) and other net profit year-on-year decline, more than 20%. July issued a listed National Union Aquatic Products (300094), only a week on the issue of the performance of the announcement, which period net profit loss of more than 13 million yuan. In this regard, the National Union of aquatic products Dong Wu Lizing said that this is related to the cyclical farming industry. "Shrimp seedlings are to be released every March, and shrimp can be collected by the end of June. New shrimp can not harvest, mainly by the previous high cost of inventory reprocessing, plus staff still have so many people, unit cost is very high, so the first half of the year will appear losses, the main profit output is in the second half. "Industry insiders believe that, compared to the National Union aquatic products, more need to pay attention to is the profit Year-on-year sharp downSlippery enterprise. Powerleader shares, Ping-an shares, the southern capital, such as the year-on-year decline in profit companies need to pay close attention, if the three quarterly results still fall seriously, do not rule out the possibility of loss throughout the year.　　In addition, net-bed technology, which has seen a decline in net profits in last year's annual report and this year, also needs attention. "Net accommodation phenomenon" enterprises in the first consecutive years of market performance doubled, after the market growth slowed down even a decline, this phenomenon now has a new synonym-"net-bed phenomenon."　　It is reported that the first half of the gem, has been repeatedly because of "net-bed phenomenon" and into a crisis of confidence. It's all going to start with the 2009 Annual report that the gem has produced. Although some companies have already handed over ugly earnings, but the worst annual report of Internet technology, or shocked the industry, the major brokers, researchers can only be silent.　　In the two weeks before the publication of the annual report, Pengqing, general manager of the Web-hosting technology, quietly resigned. The annual report shows that the 2009 network technology to achieve the main business profits of 32.6233 million yuan, down 4.79%, of which, the fourth quarter of the main business profit-1.59 million yuan, the realization of the net profit of 38.8514 million yuan, minus the non-recurrent profit and loss after the year-on-year decline of 4.79%.　　These figures are out of line with the three-year performance of the IPO, which grew by 73% and 100% respectively in 2007 and 2008, while net profit grew by 63.04% and 43.74% respectively.　　Before the listing, no matter how bad the economic environment, the performance of the peers how bleak, enterprises can be the trend of flying, after the listing, why the performance of "Turn against"? The "active confession" of technology executives in the net makes the answer abundantly clear.　　The executive explained that, based on the fact that the disclosure of performance was the reason for the worst annual report on Internet technology, he also claimed that "if the Internet is a bit smarter, it would be easy to make a good report by switching to the funds and putting in the project early."　　90% IPO raises the interest of the bank to eat the interim report of the technology release showed signs of a pick-up in revenue in the first half of the year, but the company's net profit was still in decline, down 29.98% per cent year-on-year, by the increasingly fierce competition in the industry. Analysts believe that Internet technology in the first half of 2010 to achieve operating income of 150 million yuan, an increase of 6.18% year-on-year, but the situation is still not optimistic. Since the listing, net profit has been shrinking, the first half of this year's net assets yield is only 2.11%, and there has been negative growth. And the newspaper showed that the company's highlights of the main business margins are significantly reduced.　　Profits are falling fast and the pace is staggering. More noticeable is that the Shanghai Securities and Regulatory Bureau has found in the on-site inspection, as at April 30, 2010, the network of technology six months ago in the gem raised 513 million yuan of funds, the use of only 36.19 million yuan, the remaining 460 million yuan actually became a term deposit.　　This means that 90% of the funds raised by the Web-hosting technology IPO lie in the bank to eat interest. Through the calculation found that the first half of the bank interest income of 5.14 million yuan, accounting forThe medium-term performance ratio is as high as 34.31%, showing that the reported results are largely stained with bank interest.　　If bank interest is deducted, the company's interim results are down 54.01% per cent year-on-year, significantly exceeding the reported decline in its performance. Experts say that the gem to refund the market from the global gem history, the United States Nasdaq annual about 8% of the company to retire, and the U.S. New York Stock Exchange, the withdrawal rate of 6%, the British aim of the withdrawal rate is higher, about 12%.　　Therefore, how to return to the city is the Shenzhen gem can not escape the problem, and do a good job in the aftermath, is to prevent the risk of the gem of the last step. Pihai, a leading financial commentator, pointed out that the gem must properly solve the problem of protecting investors ' interests in dealing with delisting.　　If this problem is not resolved, the direct retreat of the gem, the rapid return of the market is the interests of the vast number of investors the greatest harm. For the moment, the Shenzhen stock has apparently noticed the problem.　　According to the plan given by the chairman of the Shenzhen Chen Dongzheng, the Investor Protection Fund can bring a lawsuit by perfecting the civil judicial relief system of securities, strengthening the supervision of the subrogation lawsuit, establishing the "last line of defense" for the protection of investors ' rights and interests, and the main shareholders and so on of the company. Pihai said that the judicial relief system is a great progress, but more importantly, the judicial relief system should be able to allow investors to get money.　　To win a lawsuit but not get the money of the judicial relief, is not much significance. On this issue, the practice of the HKEx in the "Hontex International Case" is worth drawing on. In response to the Hontex international alleged fraudulent listing of financial fraud, the HKEx has stopped Hontex international transactions,　　Through the High Court of Hong Kong frozen Hontex International equivalent to the net new issue of HK $997.4 million, once the Hontex international need to compensate investors losses, you can distribute the frozen funds to investors, investors will not because of Hontex international retreat to suffer losses. Therefore, the judicial relief of the most important, is to let the gem companies in the direct withdrawal of the city, but also from the investors to withdraw funds.　　Gem companies, the company's major shareholders (including the former major shareholders after the withdrawal of the shares), the company's senior executives, sponsoring agencies, etc., are responsible for the withdrawal of the city, jointly assume the refund of the city's responsibility. Retreat from the city of Risk screening technology (300017) repeatedly exposed senior executives leave the net of the first half of the net profit fell 29.97%. The reason for the decline in the performance of the industry is increasingly fierce competition, resulting in falling product prices, coupled with the increase in costs, so that the company's overall gross profit reduction.　　It is noteworthy that the company's three-quarter performance is expected to be difficult to improve, the company expected to achieve net profit in the first three quarter of this year than the same period a year ago reduced 20%-30%. Powerleader shares (300023) semi-annual report showed that the company's net profit fell 82.07%, two quarterly earnings 13,500, the performance of a sharp decline in the announcement of the semi-annual gem of the company's performance ranked the penultimate "first". Company tableShows that the continued negative impact of the global financial crisis, the reporting period, the number of companies in the production of a significant decline in the orders, resulting in a sharp decline in operating income than a year earlier. Warburg Pincus shares (300074) the first half of the net profit fell 76.6%. In the first half of last year, the company signed a contract with China Life, which accounted for 42% of the same period, but did not sign big orders in the first half of this year, resulting in a sharp decline.　　The company said it is currently in business negotiations with several major clients and is expected to sign a contract in the three quarter. South All power supply (300068) Southern Power net profit fell 69.48% year-on-year. There are two main reasons: first, raw materials in the first half of the year compared to a sharp rise, resulting in a sharp decline in gross margin; second, the first half of this year, the main customer investment decline, market demand, resulting in increased competition.　　Also affected by the financial crisis, overseas market demand is still recovering, the export business market competition is fierce. Hanwei Electronics (300007) Hanwei electronic semi-annual report shows that the company attributable to ordinary shareholders of the net profit of 8.12 million yuan, down 49.78% per cent, excluding non-recurrent profit and loss after the net profit of only 2.98 million yuan, a sharp decline of 79%.　　For such a bad performance, Hanwei Electronic said, due to the increase in operating costs and product internal sales structure changes, gross margin fell 7.1% per cent year-on-year, and in accordance with the business plan to increase upfront investment, management costs and sales costs increased by 58.58% and 86.18% Year-on-year. NETAC Technology (300042) The first half of NETAC technology to achieve net profit of 9.5733 million yuan, down 33.49% year-on-year. The company expects January-September net profit to fall sharply year-on-year, the reason is that in the patent operation of the company to achieve new patent revenue in the time and amount of significant uncertainty, on the operating income and profits may have a significant impact on the sales of gross profit margins may also be a big impact on the company's profits.